South Korean prosecutors probe disappearance of seized bitcoin: report
South Korean prosecutors are investigating the loss of a significant amount of seized bitcoin during state custody, likely due to a phishing incident.Summary
Prosecutors at South Korea’s Gwangju District Prosecutors’ Office are investigating the disappearance of a "significant" amount of bitcoin that was seized in a criminal case. An internal review flagged the potential loss, which prosecutors suspect occurred around the middle of last year during storage and management, possibly caused by a phishing incident. The office declined to confirm the exact value or quantity of the missing cryptocurrency due to the ongoing investigation. The Gwangju office has a history with large crypto seizures, including an attempt in March 2024 to recover 170 billion won ($127 million) in bitcoin linked to illegal gambling. The legal framework for crypto confiscation in South Korea was established in 2018 when the Supreme Court ruled that cryptocurrencies are intangible assets subject to the Criminal Procedure Act, allowing the state to seize digital tokens as evidence or items for confiscation.
(Source：The Block)